§238.77. Waiver of prior notice requirement.
12 C.F.R. § 238.77
Waiver request. An individual may serve as a director or senior executive officer before filing a notice under this subpart if the Board or Reserve Bank finds that:
Delay would threaten the safety or soundness of the savings and loan holding company;
Delay would not be in the public interest; or
Other extraordinary circumstances exist that justify waiver of prior notice.
Automatic waiver. An individual may serve as a director upon election to the board of directors before filing a notice under this subpart, if the individual:
Is not proposed by the management of the savings and loan holding company;
Is elected as a new member of the board of directors at a meeting of the savings and loan holding company; and
Provides to the appropriate Reserve Bank all the information required in § 238.74 within two (2) business days after the individual's election.
Subsequent Board or Reserve Bank action. The Board or Reserve Bank may disapprove a notice within 30 days after the Board or Reserve Bank issues a waiver under paragraph (a) of this section or within 30 days after the election of an individual who has filed a notice and is serving pursuant to an automatic waiver under paragraph (b) of this section.
Notes, amendments, and revision history
Authority
Authority: 5 U.S.C. 552, 559; 12 U.S.C. 1462, 1462a, 1463, 1464, 1467, 1467a, 1468, 5365; 1813, 1817, 1829e, 1831i, 1972, 15 U.S.C. 78 l.
Source
Source: Reg. LL, 76 FR 56532, Sept. 13, 2011, unless otherwise noted.